Crypto News | SEC Rules ETH NOT Security; Binance Adds XRP

The cryptocurrency market is making a comeback this week, after closing out last week in the red. Crypto news was pretty slow last week, but it has picked up a bit today. This morning, CoinCenter released news that the SEC Chairman confirmed that ETH is not ruled as a security by the regulator. In addition to this big news, Binance announced it has added XRP and credit card payment support to its Trust Wallet app.

Let’s get into it!

Jay Clayton Rules ETH a “Non-Security”

When investors began taking notice of digital currencies in mid-2017, the US Securities and Exchange Commission started researching and commenting on the industry too. The SEC’s main purpose is to protect investors, facilitate capital formation, and maintain fair, efficient, and orderly markets. Jay Claton, the SEC’s Commissioner, hasn’t been shy in voicing his view of digital currencies from the start.

The SEC was mostly concerned with Initial Coin Offerings (ICOs) and made definitive decisions on whether coins offered in this fundraising method were subject to SEC rules and considered an official ‘security.’ Now it seems the official consensus of the SEC regarding other digital currencies was released on March 7th, when Clayton addressed US Representative Tedd Budd in a statement.

In the official statement, Clayton confirms that ETH and cryptocurrencies like it aren’t securities under US law. This is a win for the cryptocurrency community, but this news is not completely surprising, considering Clayton has held a similar stance for years.

Trust Wallet, the official wallet of the crypto exchange, has just added support for credit card purchases and XRP. Last July, Binance acquired Trust Wallet in the company’s first public acquisition. Currently, the Trust Wallet supports BTC, ETH, LTC, XRP, and BCH. Binance’s main wallet also holds support for any ERC20, ERC223, and ERC721 tokens.

Users can now use their credit card on the Trust Wallet app to buy digital currencies. Adding this feature now makes it easier for investors to purchase and use digital currencies.

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